Large deposit but missed payments 6 months ago

HENRY78

I am looking for some advice and will be instructing a broker to look at our situation shortly. But in the meantime wanted to get some thoughts on here.

I am in a new relationship after going though a messy divorce.

6 months ago I was in some financial difficulty. No ccjs or defaults but I was 3 missed payments on a loan at 230 a month. I agreed to pay 75 a month for a short period of time. I did bring the payments up to date and have been making contractual payments for the last 5 months. But it shows 3 missed payments on my credit file. The balance is 10k

I have also a hp car loan at 8k balance.

Me and my new partner are looking to purchase a property and we have a large deposit of £300.000. The property we are looking to buy is 475k. So looking to borrow 175k at around 40% LTV

The deposit is made up of the equity she has in her home and a gift from my parents.

My salary is £42k and hers £16k

She has no debt.

We have had a aip with the halifax but am now worried sick now we have had an offer on a property accepted that my past issues will ruin everything.

I see even Kensington mortgages won't accept anyone who has more than 2 recent payments .

Any pointers will be appreciated

HENRY78

Anyone got any thoughts on this? I don't have much faith in the AIP with halifax but fingers crossed. Would this be a sub prime case? If so what lenders are there if any and do all brokers have access to these products ? Thanks

KRB2725

I don't wish to be rude, but wouldn't it be better to rent together for a little while first?

If you did, it would mean that the late payments are less recent and your relationship is also of a bit longer standing before making such a major investment together. It would also give you an opportunity to reduce your existing debts.

I appreciate that's not what you asked, but divorce, financial issues, new relationship, new house, all in a short period of time just seems to be rushing it a bit.

HENRY78

Why would we rent? Wasted money. We may aswell stay here in the property my partner owns outright.

We need a bigger house. We have a big deposit. Relatively low risk to a lender I would of thought.

Plus house prices are increasing monthly where we live.

Not possible then?

csgohan4

HENRY78 wrote: »

Why would we rent? Wasted money. We may aswell stay here in the property my partner owns outright.

We need a bigger house. We have a big deposit. Relatively low risk to a lender I would of thought.

Plus house prices are increasing monthly where we live.

Not possible then?

Firstly only your broker can answer that question given your circumstances


secondly, be weary of new relationships and ensure you protect yourself and her by committing so much financially into an early relationship, your not even married to her yet.

HENRY78

Blimey. We are only looking for a home. You know one of those essentials in life. A roof over our families head.

Weve been together 2 years and in out late 30's. We both know what we are doing.

Hopefully a lender will see sense from our point of view.

csgohan4

HENRY78 wrote: »

Blimey. We are only looking for a home. You know one of those essentials in life. A roof over our families head.

Weve been together 2 years and in out late 30's. We both know what we are doing.

Hopefully a lender will see sense from our point of view.

We don't know you so all we are saying is just general advice. There's plenty of horror stories on the other sub sections of this forum.


Good luck with your mortgage app. But from the low LTV and within the income multiplier, it seems ok.

HENRY78

Thanks.

Fingers crossed. We have fallen in love with a property and pray all is ok.

I didn't mean to come across short I came on here for some mortgage advise not relationship advice!

KRB2725

When you said in your opening post that you had financial difficulties 6 months ago, a messy divorce and classed your relationship as new, it made it sound as though it had all happened in the last 6 months.

I don't consider a 2 year relationship to be 'new'!

I would imagine a broker could probably help you out with the mortgage.

Opinion

From financial difficulty, not being able to pay a £230 monthly credit commitment and having £18,000 in debt to having a £300,000 deposit in 6 months...

Either your girlfriend is a mug, or your parents are mugs.

HENRY78

Thanks for your opinion opinion, not really what this place is for is it? Would suggest you keep it to yourself when you know nothing about the situation.